India’s primary market calendar for January 2026 is shaping up to be one of the busiest starts to a year in recent times. From artificial intelligence and renewable energy to defence, mining, finance and hospitality, several large mainboard companies are either market-ready or awaiting final regulatory clearances. If all these issues go ahead, total fundraising could exceed ₹25,000 crore, though no company has officially announced launch dates yet.
Here’s a look at the key IPO candidates to watch:
Fractal Analytics
AI-driven analytics firm Fractal Analytics is planning an IPO worth around ₹4,900 crore, comprising a ₹1,279.3 crore fresh issue and a ₹3,620.7 crore offer for sale (OFS).
Selling shareholders include Quinag Bidco, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala and GLM Family Trust.
The fresh issue proceeds will be used for subsidiary debt repayment, technology upgrades, R&D, sales and marketing, office expansion in India, inorganic growth opportunities, and general corporate purposes. Founded in 2000, Fractal provides enterprise AI and data-driven decision-making solutions to global clients.
Clean Max Enviro Energy Solutions
Renewable energy player Clean Max Enviro Energy Solutions is preparing a ₹5,200 crore IPO, including a ₹1,500 crore fresh issue and a ₹3,700 crore OFS.
Promoters Kuldeep Jain and KEMPINC, along with BGTF One Holdings, Augment India I Holdings and DSDG Holding, will pare their stakes.
Most of the fresh capital is expected to be used for debt reduction. Clean Max focuses on commercial and industrial (C&I) renewable energy projects, spanning solar and wind assets.
Hero FinCorp
Non-banking financial company Hero FinCorp has proposed an IPO of ₹3,668.13 crore, consisting of a ₹2,100 crore fresh issue and a ₹1,568.13 crore OFS by investors including AHVF II Holdings Singapore II, Apis Growth II, Otter and Link Investment Trust.
The company plans to deploy the fresh proceeds to strengthen its Tier-I capital base. Hero FinCorp operates across retail, MSME and corporate lending segments.
Bharat Coking Coal
Coal India subsidiary Bharat Coking Coal is set to enter the market through a pure OFS of 46.57 crore equity shares, with no fresh issue component.
The company contributed 58.5% of India’s coking coal production in FY25, supplying critical grades to the steel and power sectors.
Prestige Hospitality Ventures
Prestige Hospitality Ventures, the hotel business of the Prestige Group, is planning a ₹2,700 crore IPO via a mix of fresh issue and OFS. The funds are likely to be used for new hotel projects and debt reduction.
The company operates luxury and business hotels under global brands such as Sheraton, Hilton and Conrad.
PMEA Solar Tech Solutions
Solar equipment manufacturer PMEA Solar Tech Solutions is working on an IPO comprising a ₹600 crore fresh issue and an OFS of around 1.12 crore shares. The company makes solar tracking systems and mounting structures for utility-scale solar projects.
Varindera Constructions
Varindera Constructions, which has SEBI approval nearing expiry, is planning a ₹1,200 crore IPO. The EPC company executes projects in defence infrastructure, airports and institutional buildings, with key contracts from the Military Engineer Services.
SMPP
Defence manufacturer SMPP has approval for a ₹4,000 crore IPO, consisting of a ₹580 crore fresh issue and a ₹3,420 crore OFS. The company designs and manufactures ballistic jackets, helmets and defence ammunition for both domestic and export markets.
With several IPO approvals approaching their validity deadlines and multiple issuers waiting for stable market conditions, January 2026 could prove critical in gauging investor appetite for the primary market at the start of the new year.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. IPO plans, sizes and timelines are subject to regulatory approvals and market conditions. Investors are advised to read offer documents carefully and consult certified financial advisors before making investment decisions.
